Bill Text: TX SB1463 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the availability of financial information of nonprofit corporations for public inspection.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2019-05-16 - Committee report sent to Calendars [SB1463 Detail]
Download: Texas-2019-SB1463-Introduced.html
Bill Title: Relating to the availability of financial information of nonprofit corporations for public inspection.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2019-05-16 - Committee report sent to Calendars [SB1463 Detail]
Download: Texas-2019-SB1463-Introduced.html
86R4773 JES-F | ||
By: Hughes | S.B. No. 1463 |
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relating to the availability of financial information of nonprofit | ||
corporations for public inspection. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 22.353, Business Organizations Code, is | ||
amended to read as follows: | ||
Sec. 22.353. AVAILABILITY OF FINANCIAL INFORMATION FOR | ||
PUBLIC INSPECTION. (a) A corporation shall keep records, books, | ||
and annual reports of the corporation's financial activity and | ||
audited financial statements described by Subsection (c) at the | ||
corporation's registered or principal office in this state for at | ||
least three years after the close of the fiscal year. | ||
(b) Except as provided by Subsection (c), the [ |
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corporation shall make the records, books, and reports available to | ||
the public for inspection and copying at the corporation's | ||
registered or principal office during regular business hours. The | ||
corporation may charge a reasonable fee for preparing a copy of a | ||
record or report. | ||
(c) A corporation is exempt from Subsection (b) if: | ||
(1) an independent certified public accountant has | ||
conducted an audit of the corporation's financial statements for | ||
the preceding fiscal year in accordance with generally accepted | ||
auditing standards; and | ||
(2) subject to Subsection (d), the corporation makes | ||
its audited financial statements and the annual reports of the | ||
corporation's financial activity kept under Subsection (a) | ||
available to the public for inspection and copying at the | ||
corporation's registered or principal office during regular | ||
business hours. The corporation may charge a reasonable fee for | ||
preparing a copy of a statement or report. | ||
(d) A corporation shall make an audited financial statement | ||
described by Subsection (c)(1) available to the public for | ||
inspection and copying not later than the 180th day after the close | ||
of the fiscal year to which the audit relates. | ||
SECTION 2. This Act takes effect September 1, 2019. |